indexdollar: Re: Michigan Tightwads Fw: Tax Question...

Rabu, 09 Januari 2008

Re: Michigan Tightwads Fw: Tax Question...

Boy lisa this is a busy tax time I am sure we will swamp you with questions!! your a GEM for taking time to do so....!~Tracy

Lisa Darling <lisadarling24@yahoo.com> wrote: No problem, I enjoy helping if I can.....If you received the money in 2006, than you should have had a 1099 issued to you and it was supposed to be reported on your 2006 Individual Income Tax Return. In order to fix this, you will need to file an amended 1040 (Form 1040X) for 2006 reflecting the additional income and tax withheld. The IRS is very far behind with finding errors, but they will figure it out eventually since they received a copy of the 1099 from your 401K plan as well. And when they do, it depends on if you owe additional tax because of your 401K distribution, and if it turns out you owe them, they will tack on penalties and interest. You are not in trouble, and the IRS is willing to work out payment plans. Because they took out taxes, you are probably fine, and will not be penalized if no additional tax is due. Please let me know if you have any other questions!

:) Lisa

----- Original Message ----
From: Zimmermann <zimm5@localnet.com>
To: lisadarling24@yahoo.com
Sent: Monday, January 7, 2008 10:48:13 PM
Subject: Tax Question...

Hi Lisa,
Thanks so much for offering to answer questions. It is so appreciated!

Here is my question:
I had a 401K that I cashed in in 2006 that I did not claim on last years
taxes. It actually was an oversite, and then, when I realized what I had
done, I didn't know what to do to fix it. They took taxes out of it
already. Is there a specific form that I have to use to rectify the
situation? Am I in big trouble?

Thanks so much,
Amanda

[Non-text portions of this message have been removed]

Tracy Park/owner
Affordable Elegance
wedding and event florals
269 721-3351

my space account
www.myspace.com/greatflowerlady

OR

VISIT MY BLOG AT
greatflowerlady.blogspot.com

[Non-text portions of this message have been removed]